The Chennai ITAT recently clarified that receipt of sale consideration of huge amount of Rs. 1.60 Crores in cash, which is, in violation of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income tax Act, rightly deserves levy of penalty u/s 271D. The Bench of V. Durga Rao (Judicial Member) & Manjunatha, G....